NEWS RELEASE                                HCB Bancshares, Inc.
                                            Contact:   Charles T. Black
                                            Phone:     (870) 836-6841
                                            Fax:         (870) 836-7125
                                            December 12, 2003




                              FOR IMMEDIATE RELEASE
                              ---------------------



Camden,  Arkansas ... HCB Bancshares,  Inc.  (NASDAQSC:  HCBB) - HCB Bancshares,
Inc.  announced today that it has received an indication of interest letter from
an  investor  group to engage in a business  combination  with HCBB  whereby the
stockholders  of HCBB  would  receive  $18.63  per share in cash.  The  proposed
business combination would be subject to, among other things, the negotiation of
a definitive merger agreement,  regulatory approval,  and the approval of HCBB's
stockholders.  The investor  group has  expressed  its  intention to make a cash
deposit at the time that the definitive merger agreement is executed which would
be forfeited under certain  circumstances  including the failure of the investor
group to obtain regulatory  approval for the transaction.  HCBB and the investor
group intend to negotiate a definitive  merger agreement during the next 30 days
and during the 30-day period HCBB has agreed to cease all discussions with other
parties  regarding a business  combination,  subject to the  satisfaction of the
fiduciary  duties of HCBB's Board of Directors.  There can be no assurance  that
the parties will agree to the terms of a definitive agreement.

HCB  Bancshares,  Inc.  is a $240  million  holding  company  with full  service
community banking facilities located in Camden,  Fordyce,  Sheridan, and Bryant,
Arkansas.